Czech Republic Economic Sentiment May 2021

Czech Republic

Czech Republic: Economic sentiment at 17-month high in May

May 24, 2021

The economic sentiment indicator, published by the Czech Statistical Office (CSO), jumped to 99.7 in May from 94.7 in April, logging the best print since December 2019.

The business confidence index soared in May, coming in at 99.1, from April’s 94.8 reading. The improvement was broad-based, with sentiment strengthening in the construction, industry, trade and selected services sectors.

Meanwhile, consumer confidence surged in May, with the index rising to 102.8 from 93.9 in April. The increase reflected consumers’ easing concerns regarding unemployment as well as the economic situation over the next 12 months. That said, concerns about inflation remained high.

FocusEconomics panelists expect private consumption to increase 3.5% in 2021, which is down 0.1 percentage points from last month’s projection. For 2022, they see consumer spending growth at 3.6%. Meanwhile, fixed investment is seen growing 4.3% in 2021, which is unchanged from last month’s estimate, and expanding 5.0% in 2022.

Author: Massimo Bassetti, Senior Economist

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Czech Republic Economic Sentiment Chart

Czech Republic Economic Sentiment May 2021

Note: The Economic Sentiment Indicator is in compliance with the EU methodology presented as a weighted average of confidence indicators in industry, construction, trade, selected services and the consumer confidence indicator. Long-term average 2003-2019=100.
Source: Czech Statistical Office (CSO).

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